"Petrofac revealed Tuesday that its Engineering & Production Services (EPS) division has been awarded a “multi-million dollar” engineering, procurement, construction and commissioning (EPCC) contract by Tatweer Petroleum for an upstream gas project in Bahrain."
I like PFC a lot as an investment. It's not a company I would care to work for but I am happy to hold shares. At around 200p it's a great entry point. The dividend was about halved soon after the SFO investigation was announced ages ago. The money saved was ear marked to pay for any subsequent SFO actions. Of which there have been precisely none so far. I guess the money is still lying there in the bank. Due to the unprecendted shake down in the industry PFC have naturally suspended dividends for now. In response to a fall off in orders and a massive order cancellation a few weeks ago PFC has responded by large reductions in cost overheads. It's very easy for PFC to do this. They employ a lot of temporary agency people and their centre of gravity is in the middle east and asia where people are often regarded as disposable assets. PFC is highly regarded in the middle east particularly in UAE and Oman, they will bounce back. There's always a chance that a bigger contractor will buy them. I had thought that one of the major asian players would have done so by now. Here I am sitting on a significant looss and I am not adding solely because I have too many PFC shares already. For me, confidenvce remains high. On a three to five year view there's great upside potential and when dividends resume more the better. The SFO mess remains a drag. They have no evidence as far as anyone can tell. The company will prosper no matter what the SFO eventually decide.